The Isle of Man is now officially "open for e-business'. The pronouncement was made by Trade and Industry Minister David North following the passage of the island's Electronic Transactions Bill 1999 by the Isle of Man Parliament. The Bill must now be considered by the Legislative Council before it can become law, but this should be a formality.
The legislation gives electronic signatures and documents such as contracts the same legal status as their paper equivalents, the only exceptions being for items such as wills and cheques. Interestingly, the Isle of Man chose to base its e-commerce legislation on the Australian model rather than any of the recent UK or EU Bills.
Mr North said the new legal framework for electronic commerce will be 'essential to the future economic well-being’ of the Isle of Man. It positions the island to become a leader in the development of e-business in Europe and will allow Manx business to compete more effectively in global markets.
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